Real Estate Information

Good news - Lake Keowee Real Estate Sales saw a 23% increase of “dockable” waterfront homes sold in 2010. Waterfront Home Buyers found great deals in 2010. Average Sale prices declined significantly from $903,778 in 2008, to $745,200 in 2009, and to $703,563 in 2010. It’ll be interesting to see if 2011 continues that trend or whether we’re at the bottom. What do you think?

Here are some statistics on Lake Keowee Real Estate activity for 2010 (source: SC Western Upstate MLS and does not include FSBO and non SC Upstate MLS listed properties):

LAKE KEOWEE WATERFRONT AND DOCKABLE HOMES SOLD

Homes Sold (excludes Condos & Townhouses) – 80

            Average Days on the Market – 197

            Average List Price - $804,468

            Average Sale Price - $703,563

            Sale vs List Price – 87.5%

            Active Listings – 176

            Pending Listings - 13

Please click on the link below for a list of the actual sales that were included in this report or email me at sayjay@bellsouth.net .

Lake Keowee Waterfront Home Sales

Click Here to View Listings

I’d be interested in your comments as to how these statistics compare to what your expectations were and what you would assume they would be.

By Jay Hufnagel, Keller Williams Realty, Lake and Home Group, 770-757-2799, www.SayJayLakeandHome.com

Are you interested in Short Sales? New conditions are being added to loans for Buyers interested in purchasing a Short Sale. Here is part of an interesting email that I just received from Jodi Poore, Loan Specialist with PrimeLending:

In todays market we are dealing with a lot of short sales.  Just wanted to give you a heads up on an added condition that is coming to fund these loans.  Many banks have already started this but the rest will follow shortly.  Proof that the sellers bank has agreed to the short sale will be part of the funding conditions.  We still can start the file on the verbal acceptance and start the loan, but in order to fund the loan the day of closing all banks are going to require a signed document showing the selling bank has agreed to the short sale. 

In my opinion, this will be a big help for buyers. Many buyers are turned off about the delays and run-a-rounds when trying to buy a short sale. Knowing that the Bank or Lender/Investor has already approved of the possibility of a short sale will greatly enhance that process.

Do you know what a Short Sale is? This link may help.

What do Real Estate Agents do on their "snow day"? Well, besides catching up on all kinds of administrative duties, it's a great day to be a kid again.

I hope you're enjoying this interesting weather that we're having here in the southeast. It's wild to think that this week we have 6 inches of snow and nights in the teens. In about 5 weeks the daffodils will be blooming. The record high temperature for today was 79 degrees. The record low temperature was -5 degrees. Ya gotta love the South!

So, enjoy the change. Make a snowman. Slide down a hill. These are the kind of days that will bring sweet memories to you, your children and grandkids.

Happy New Year!

The U.S. Army Corps of Engineers for Lake Hartwell is continuing to receive comments on reducing flows from the Savannah River Basin Reservoirs. Here's a comment from a Lake Home Owner that was sent in recently: 

"As home owners on Lake Hartwell, we realize that the lake level here is the keystone to balancing the water levels within the basin. Since we are presently in a Stage 1 drought as evidenced by a reduction of the current lake level by over 5 feet, it is our opinion that to implement the proposed flow reduction strategy would be most prudent. Without this flow reduction, the Corp’s ability to sustain the river basin in the event of continued drought conditions will be adversely effected this Spring. Obviously the continued decline of water levels in Lake Hartwell and its adverse effect upon recreational activities this coming year is a concern to us. We understand that the Corp has a greater responsibility than providing home owners with the opportunity to use the lake for their pleasure. However if the flow reduction is not implemented now, the Corp will not be able to respond in the future if the drought should continue. Thank you for this opportunity to provide our “two cents”."

Have you sent in your comments? Please do!

The Savannah District, U.S. Army Corps of Engineers is seeking comments on an environmental assessment (EA) to reduce outflows from its three reservoir system (includes Lake Hartwell) on the upper Savannah River from January through mid-February during droughts. I strongly urge you to respond to this request before the deadline of noon January 3, 2011.  

 Here is the News Release and information on where to reply.

Jay Hufnagel wrote the following to the Corps on December 23, 2010: As a Lake Hartwell home owner, stakeholder and Lake Hartwell Real Estate Agent, I definitely support the reduction in flow from Lake Thurmond to 3600cfs from January 1 through the middle of February during drought situations. If you remember the early stages of the severe drought we had a couple of years ago, Lake Hartwell was down about the same level that we’re at today. Unfortunately the Spring rains didn’t come as everyone had hoped, and because of this the lake couldn’t recover and the level continued to spiral down. Reducing the Lake Thurmond outflows could have really helped. Please seriously consider this request.

Lisa Kishoni (Lake Hartwell Home Owner) wrote the following comment to the Corps: I am writing to support the temporary reduction in flow from Strom Thurmond Dam to 3600 cfs from Jan. 1 through Feb. 15 if the Corps reservoirs on the Savannah River are in drought level 1 or level 2.  I believe that this temporary reduction will not in any way adversely affect stakeholders below Strom Thurmond, and will ultimately help conserve resources that could be used later if drought levels worsen, to the benefit of the entire Savannah River Basin.  In our dryer future, we must act proactively when it comes to drought to conserve what we can, where we can.  

As you may know, the lake is currently down over 5 feet. This is our chance to let our voice be heard.

Have you been waiting for interest rates to come down before you buy? Hopefully you haven't waited too long! Here's a link to an article that talks about rates and how they're going up - "I got a little greedy and I lost". 

Are you ready for the cold? 

Well maybe it’s not time to go ice fishing, but if you haven’t given thought to winterizing your vacation home, you may want to consider doing that or turning up the heat and covering up your faucets. Another way to minimize your exposure to frozen water pipes and eventual damage is to turn the water off at the road, drain your pipes and turn off or lower the temperature on your hot water tank. Because of a personal issue with broken water pipes, my wife and I are big fans of always turning off your water in your home or vacation home when you’re gone for more then a day.

Don't wait on doing something. You'll be glad you did. With the Holidays just around the corner, friends and relatives will leaving home to spend time with their loved ones. Besides getting all kinds of gifts, you don't want them or yourself coming home to the biggest surprise of all...frozen pipes or water damage.

By Jay Hufnagel, Keller Williams Realty, sayjay@bellsouth.net , www.SayJayLakeandHome.com , your best source for Georgia and South Carolina Waterfront lake Property.

Recently, I was asked for a good company that does projection surveys, and I remembered that I had just received the following email from Aaron Blomberg, from Bauknight and Associates. I've used them before, and have had good success. If your interested in buying Lake Hartwell Real Estate, meeting with the Corps to improve your dock, you'll probably need a "projection survey". The information below could be useful to you.

I was doing some random tests on where my company ranks in common searches like "projection surveys", "land surveyors Hartwell", etc. and I stumbled upon your website. I am very impressed with how you, like myself, try to inform our clients and potential clients.  I would like to introduce myself. My name is Aaron Blomberg and I am a licensed surveyor in Hartwell, GA. My partner Slate Bauknight started this company 20 years ago. We are licensed in both GA & SC.  We perform a lot of Projection Surveys and have also helped several clients with obtaining dredging permits on Lake Hartwell in both States. I would love the opportunity to be on your "Business Partners" link.  Since the Corps of Engineers starting requiring Projection Surveys I have found that our clients were not informed on the importance of the survey and just look at it as another added expense.  I made a page on our website www.lakehartwellsurveyors.com to help inform our clients and for Realtors to use a tool for informing their clients about projection surveys.  We also preform boundary and subdivision surveys. It amazes me how many buyers will buy a property and not even know where their property corners are. I hope your business has been good through these hard times and I appreciate your time.  If you or any of you clients have any questions about Surveying please feel free to call or e-mail me anytime.

Friends and relatives are asking, "How's the Real Estate business going"? It's as if they already know the answer. I really think they're hoping for some good news. Well, there is good news... at least for home buyers. Prices are finally at a point where many Real Estate authorities are saying that we're getting close to the bottom. Interest rates are still fantastic. Discount Buyers and Investors are scooping up Foreclosures at unbelievable bargains, and confidence in spending money on Real Estate appears to be improving. For example, year to date Waterfront Lake Homes on Lake Hartwell are already ahead of the total homes sold in 2009 (107 vs. 64). At this pace, that will mean twice as many homes will sell on Lake Hartwell this year then in 2009. That's impressive! I expect other lakes such as Lake Lanier and Lake Keowee will follow suit. The only challenge with these numbers (if you're the Seller), is the average price has decreased from $360,000 to about $322,000. Interesting to note, there are less "active" listing this year then last. My opinion is that many home owners aren't willing to play the "discount game".

Big Foreclosure News – Bank of America (BAC) is Halting all Foreclosure Sales

 I received two emails this morning asking what effect Bank of America’s news about Halting Foreclosure sales will have on the “regular resale” market. That’s a great question! My feeling is that investors and serious buyers that have been searching for distressed properties will now expand their search to resale properties that are priced right.

Here is a great article that explains the freeze.

This is just the “tip of the iceberg”. More Banks are either doing the same thing or will be shortly. Stay tuned – this challenge is only going to escalate. With over 25% of home sales being sold as distressed or foreclosures, the general real estate market is going to continue its uncertain joy ride.

Many Qualified Buyers are taking advantage of some great interest rates. For example, in a meeting I had this week with a local lender, she pulled up current rates and showed me that 30 year conventional rates were under 4.25% and 15 year rates were below 3.75%. Wow! How low will they go?  Even with the all of the issues facing us with the economy and real estate – “there is an opportunity in everything …take advantage of it”.

Opportunities are never lost; someone will take the one you missed. – Author Unknown

By Jay Hufnagel, Keller Williams Realty, www.SayJayLakeandHome.com , sayjay@bellsouth.net , 770-757-2799.